The COVID19 pandemic blatantly highlighted the significance of responding to new circumstantial challenges with advanced, digital tools. The companies that were able to digitally transform in 2020 were able to adopt remote working effortlessly. These companies were also able to create digitally flexible customer-facing systems and boost sales.
In 2021, digital transformation will require more than adopting basic digital systems or workload management software. For the world’s leading digital transformation vendors, Artificial Intelligence is the name of the game. If AI is not part of your company’s digital transformation strategy, you will struggle to match your customers’ ever-changing demands.
Here are key reasons why businesses should focus on partnering with AI-powered digital transformation vendors in 2021 –
The Importance of Becoming an AI-Friendly Company in 2021
According to a 2020 survey involving companies that went through digital transformations –
- 63% of the companies that achieved their automation objectives developed over twenty useful AI-powered innovations in 2020.
- 98% of the companies that used AI-powered solutions generated 15% more annual revenue than companies that didn’t invest in AI.
- Another report estimates that global spending on AI services and software could exceed $342 billion by the end of 2021.
The companies that used AI-powered solutions experienced these advantages –
- Gain 360-Degree Understanding of Customers: AI-powered data analytics and data processing tools enable companies to optimize all the customer data they collect. The insights from these tools can be used to better track the evolving demands and preferences of customers. In 2021, more companies are using multiple channels to track and collect customer data. AI-powered insights enable companies to provide these customers with hyper-relevant information across all communication channels.
- Offer Unique, Personalized Services: In 2021, 91% of modern-day consumers will only buy goods/services from companies that provide hyper-personalized offers and recommendations. Companies must leverage their data with advanced AI tools and solutions to offer personalized experiences at each step of the buyer’s journey.
- Real-Time Support: A digital transformation vendor with AI capabilities can provide companies with advanced data processing systems. These systems can process millions of data points in real-time to reveal up-to-date trends, market insights, etc. These insights can be used to offer better customer experiences. Employees who are given access to such data-backed insights in real-time are likelier to perform more efficiently.
- Better Management: Predictive analytics tools use AI algorithms to extract insights from disparate, unstructured data points. Business leaders can create predictive models to determine consumer demands, supply chain requirements, etc., in advance. CMOs and CFOs can make data-backed decisions and identify potential stick-ups long before they occur with such predictive models.
- Boost Organizational Profitability: AI-powered digital transformations help companies drastically accelerate their innovative capabilities. From optimizing their marketing channels to making risk-free financial decisions – the right application of AI tools can help companies consolidate competitive advantages in their respective industries.
How to select AI-friendly digital transformation vendors for your company? Ask for clear AI implementation roadmaps from the vendors you interview. Dedicated teams of AI experts can even conceptualize customized solutions for specific companies. Seek these experts to stay ahead of your competitors in 2021!